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Search Results 0 to 49 of about 56 (some duplicates have been removed)
deficit will be under $1 trillion for the first time since president obama took office. the c.b.o. also estimates the economy will grow 1.4% this year with unemployment remaining around 8%. c.b.o. director sat down with reporters this afternoon to discuss the economic and budget forecast. >> hello. thank you all for coming. i'm the director of the budget office. c.b.o. just released its outlook for the federal budget and the economy over the next decade. i'd like to tell you a little bit about if and then my colleagues and i will be happy to take your questions. our analysis shows that the united states continues to face very large economic and budget challenges. under current law we expect that the unemployment rate will remain above 7.5% through next year. that would make 2014 the sixth year in a row with unemployment so high. the longest such period in 70 years. also under current law, we expect the budget deficits over the next decade would total about $7 trillion. with deficits so high, the federal debt held by the public would remain a larger percentage of g.d.p. as in any year be
of office today protected the state of the economy. they said two things. number one, the deficit this year is going to come in lower trim dollars, the first time in the obama years. and they also said we're only goal going to great growth of 1.4%. they're saying if you cut spending, you will cut the deficit. if you raise taxes, you will cut the deficit. they're saying the exact opposite to you. >> doesn't make sense. i don't think the government is going to collect all the new revenues they're protecting because when you start taxing investors, small businesses, they tend to cut back and don't have the profits to pay taxes on. the presidentes distracting from the real conversation, stewart. we have to cut spending. there are many areas of the government where we duplicate other areas, where there's wasteful spending. we need to move some things back to the states and need to make a commitment to balance our budget within ten years. if we do that, we see our markets and our economy improve almost overnight. >> quickly, jim, do you predict dealt disaster if you raise taxes? >> i think our de
with some of my republican friends is that we'rewe all want to fix the deficit problem. there is no question. but i think, when they have a chance to look at this bill and understand what we're really facing, i don't think we will have a problem. >> how is this different from the proposal from a year ago? >> did we have a pay freeze a year ago? [laughter] >> it is different. the house had the attrition of the workforce that is in this component. we had a combination -- instead of every three positions that came open. we had two. and a combination of overall across the federal government over a year. this is different here it combines both so we're on the same page. and we have the house proposal on nutrition and we added congressional pay freeze on it. >> what makes you think this time around that the senate majority leader will take up this proposal? >> i would certainly defer to the chairman, but there is a real urgency here. one of the reasons that the president and the administration, during this campaign, didn't want the actual warrant act, the law that requires to notify workers that t
proposals for deficit reduction. the president told super bowl fans reducing the deficit will require more taxes. >> can we combine some smart spending cuts because there's still some waste in government, can we reform our health care programs in particular and can we close loopholes and productions that folks who are well connected and have a lot of accountants can take advantage of. there's no doubt we need additional revenue coupled with smart spending reductions in order to bring down our deficit. >> president also warned congress about the danger of alowing the sequester to go into effect. >> washington cannot continually operate under a cloud of crisis. that freezes up consumers, gets businesses worried. we can't afford the self-inflicted wounds. >> no another tweet david plouffe said message delivered to big audience on balanced budget, deficit reduction, economy growth. on abc, an unlikely name was invoked for direction. >> i think what we need to do is do some things mitt romney taungd abo talked about. he said there are tax loopholes that should be closed. there are efforts being
baseline to 25% of gtp. this the in the new normal no interest in bringing down the deficit or the debt. >> we just did this whole fiscal cliff thing at the end of the year. we thought hey had a deal where we're going to raise revenues this way and cut spending this way, blah blah blah. listen to what president barack obama said just this past sunday. >> there's no doubt we need additional revenue. coupled with smart spending reductions, in order to bring down our deficit. >> was he crossing his fingers behind his back when he negotiated the fiscal cliff deal? sounds like he is going after more revenue. >> he'll never stop trying to raise taxes. whether or not he can succeed i don't know. he comes out of a far left ideology that believes in class warfare and radical wealth restriction and to feed that you need tax revenue coming from the so-called 1% on whom he raised tax throw it the fiscal cliff deal. he knows the real now is with the mitting class so he is coming for you. so -- >> wait, wait. right there want you to listen to this. this is also what he said. >> can we close some loop
the budget deficit will drop below $1 trillion for the first time during obama's presidency. the congressional budget office which assumes that federal spending cuts will go into effect march 1st says the government will run a deficit of $845 billion this year compared to last year's $1.1 trillion shortfall. but the cbo's ten-year outlook predicts those improvements will not last. it warns that an aging population will drive up entitlement spending and rising interest rates will put the debt at unsustainable levels. if current laws remain in place, debt by 2023 only ten years from now will equal 77% of gdp. that's roughly double the 39% average seen over the past 40 years. >>> and president obama is asking lawmakers to take quick action as a march 1st deadline approaches that will trigger deep spending cuts. "the new york times" writes this morning that "mr. obama, who missed a deadline this week to submit his annual budget to congress, acknowledged on tuesday that a broader deficit agreement is unlikely to be reached by the march deadline. he provided no details about the t
that will really reduce the deficit. more taxpayers is going to result in the lower deficit than already this year. if we look at the last year we've seen the deficit go down because you've seen a little bit of success in the job market. not enough, but you have seen us reducing that deficit. that's really what the balancing act is all about. i would think that any fair-minded member of congress would want to see us balance and not just ask to solve the deficit crisis by forcing it all on the shoulders of people who defend upon important government programs. >> john: it seems inspiring that you're trying to sneak sanity into the budget debate. i commend you for it. you were there when the president laid out his gun control proposals. >> yes. >> are these campaign-style events the best way for him to drum up support for this issue? >> yes, and the reason why i think so, the american public supports common-sense gun-violence prevention. we support universal background checks closing the gun show loopholes. we support banning high-capacity clips and the american public understands this very clearly.
budget $850 billion will be the deficit and we looked at the charts. people will argue, probably the man here, that it's going to be down in the long term because of increased revenues, economic growth, sequester, higher taxes. but kimberly, if you look to 2013, it shoots back up. how can the president hold a press conference when he talks about cuts using the word smaller. >> there's so much shrinkage. the problem is the middle class is the working poor. that's what's the norm. people are so used to it now they don't realize it should be fixed. we could focus on cutting back on spending, thinking about how to stimulate jobs and the economy. we're so used to the stagnation, it's become acceptable and people aren't critical enough to say there's a better way to do this and a smarter financial way to make sense. >> is this the new normal? before we get to that, the white house scrambled after the cbo announcement to cobble the press conference together. what did you think? >> one of the things, if ear going to call press conferences, he has to take questions. if he goes to the white house
with smarter spending reductions to bring down the deficit. we can do it in a gradual way so that there is less of an impact. these deductions that certain folks can take advantage of, the average person cannot. not everyone has access to cayman island accounts, the average person does not have access to carry interest income, where they wind up paying a much lower rate on the billions that they earned. we want to make sure that the whole system is fair and transparent and that we are reducing our deficit in a way that does not hamper growth and reduce the kinds of strategies that we need in order to make sure that we are creating a strong middle-class. host: jim from south carolina, on the republican line, good morning. caller: how are you? host: well, thank you. caller: you keep mentioning and hearing people talking about pensions, but pensions are just invested the same way that 401k is. stocks and bonds. people with pensions lost money as well. i heard cases where people were not going to get as much money. if someone is manages their 401k, i do not know, it needs to be managed properly and
with a record debt and deficit, threat of global warming, threat of global poverty, of pandemics, of national security challenges like continuing war on terrorism, the instability of iran and north korea, rising powers, turmoil across the middle east, turmoil in north africa, the proliferation of weapons of mass destruction and the growing threat of cyberattacks. how we confront these problems, how we deal with these challenges will in many ways determine that future course of america. it will determine whether the united states will be a leader in the 21st century or whether we will be just another failed empire in history. to succeed we will depend on the resilience of our economy, the strength of our diplomatic and military institutions and above all, the effectiveness of our political system that underpins in many ways what we do as a country. and that brings me to what i see as perhaps the most urgent task facing this nation and facing all of us and that is overcoming the partisan dysfunction in congress that poses a threat to our quality of life, to our national security, to our economy
the deficit. all by honoring the wish of 2/3 of americans to respect states' rights for marijuana just like we do for alcohol. i would invite my colleagues to join this effort in developing a marijuana policy that makes sense for america today. the speaker pro tempore: the gentleman yields back. the chair recognizes the gentleman from north carolina, mr. coble, for five minutes. mr. coble: i thank the speaker. mr. speaker, january is the traditional month in which new year's resolutions are developed. i'm suggesting that president obama and mrs. boim adopt a resolution -- mrs. obama adopt a resolution. it appears to me, mr. speaker, regard air force one very casually and i believe on some occasions two planes, at least two planes go to the same destination. air force one, mr. speaker, belongs to president and mrs. obama. but air force one also belongs to the american taxpayer. and i would welcome a new year's resolution that would provide generous lace of all future air force one dispatches with prudence, discipline and last but certainly not least fiscal austerity. america's taxpayers will be
to lower the devers, but americans do not -- to lower the deficit, but americans do not support sacrificing real spenged cuts for more tax hikes. the president's sequester should be replaced with spending cuts and reforms that put us on a path to balance a budget over the next 10 years. the american people believe that the tax question has been settled. they know the president called for a balanced approach to the debt. combination of revenues and spending cuts, and they know he's gotten his revenue. the american people do not believe the president will use further tax revenues to lower the debt. and haven't seen this president attempt to spend his way into prosperity over the last four years, they know he'll spend it. the president doesn't believe we have a spending problem. he general winly believes the government -- genuinely believes the government spending causes economic growth. if that were true, the economy today would be thriving. it isn't thriving. the unemployment rate is still nearly 8% and rising. small businesses like the one i ran are struggling. middle class families, those
, he talked about the economy. when it comes to tackling the nation's deficit, president obama said sunday in an interview with cbs news there needs to be revenue involved. and it sounds like he might be interested in going after people like mitt romney. >> there is no doubt we need additional revenue coupled with smart spending reductions in order to bring down our deficit. and we can do it in a gradual way so that it doesn't have a huge impact. and as i said, when you look at some of these deductions that certain folks are able to take advantage of, the average person can't take advantage of them. the average person doesn't have access to cayman island accounts. the average person doesn't have access to carried interest income where they end up paying a much lower rate on billions of dollars that they've earned. so we just want to make sure that the whole system is fair. >> all right. steve, help me out here. i think the democrats are holding a losing hand if they come back and ask for more taxes. they talk about raising tax rates on anybody. but if we're talking about closing loo
in my view are willing to basically deficit spend and run us into a fiscal problem. republicans are unwilling to touch revenue so say let -- let's deficit spend and democrats are unwilling to address government spending so they deficit spend. both sides which is why this country does not trust washington. >> i want to get quickly to another issue, chuck hagel's confirmation hearing this week. not even the white house would defend his performance. here's a piece of it. >> i support the president's strong position on containment, as i said. if i said that, meant to say that i -- obviously his position on containment, we don't have a position on containment. >> we do have a position on containment, which is that we do not favor containment. >> he was kind of a surprise there from chuck hagel, probably not going to hurt his chances of confirmation, is even getting some republicans -- >> i think he's going to make it but if you have to clarify your clarification, you're in trouble, no. i mean if we compare, for instance, what he went through with what hillary clinton did with the ben
we need higher fuels tax and we can use that to reduce the deficit or for something else. the fuels tax was designed or intended whether it's done so successfully or not. was intended to pay for infrastructure. that's what we're talking about. >> absolutely. yeah. we're not happy about that. >> what are you hoping for next week? >> for some reason, i haven't been consulted on that. [laughter] the president in the campaign said he was for an all of the above energy policy. andlet have announcements that support that. let's move forward with the big decisions like keystone x l and leasing decision, five-year plan and the a things you need to do in order to accomplish the above policy. i would say that we also i would like to see stop the discussion about taxing the industry and trying to characterize the subsidizes, which is simply not true. and i'd like to see some more opportunities in terms where can with open up areas that are off limits right now. all of the combined with generate an enormous amount of opportunity for the economy when we need it. >> [inaudible] >> i'll just menti
an economic value of negative $16.3 billion. that is basically a deficit in its capital reserve because of mortgages continuing to go bad. but one fha critic, ed pinto, of the american enterprise institute testified today by his analysis the fha is actually short by more than $50 billion. so critics say that this means the fha is headed for a bailout but, fha supporters say that the critics are hyperventilating. >> if the fha were a private financialness stigs likely somebody would be fired, somebody would be fined or the institution would find itself in receivership. instead it is merely merrily on its way to becoming the recipient of the next great taxpayer bailout. >> i don't think there are many independent people think we're looking at the next great bailout. yes, the fha is little bit of an issue at the moment because of its countercyclical mission, by the way it was part of a their original mission to come in during the difficult times. they did that and they are in trouble because of it. >> reporter: house republicans got legislation through congress last year to try to reform t
washington journal they talk about the recent article suggesting that a trust deficit by americans toward government and financial sector could be holding back the economic recovery. my cartoons depict can da that and humor. why started the cartoon, they were native characters and native situations. and my audience was geared toward natives. in the last four or five years they have become more universal where they stilled to the mainstream dominant culture. it's more universal now. i'm inspired by the people that are that i grew up with. my friend, my family, members of my tribe. and basically watching people and some of the things they do. it's surprising, if you pay attention to what people do and what people say, there's a lot of humor you can find in that, you know, making your own twists and certain things. >> people who have read my cartoons for the first time. i hope they take with them the appreciation of a native culture and native way of life. because it's not always depicted correctly in cinema or in books. but this cartoon coming from a genuine native american and these are my
additional revenue coupled with smart spending reductions in order to bring down our deficit. and we can do it in a gradual way so it doesn't have a huge impact. >> the republican leadership saying flatly, no more tax hikes. >> so they're all dug in again on the fiscal issues. if you look at the polls, wolf, the public wants the president and congress to tackle those fiscal issues. ironically, they may be closer on gun control. they may be closer on immigration reform. but it's still the fiscal issues that are the real problem. >> in the next few week, they have some major things coming up on those issues. dan pfeiffer, the president's senior adviser, will join us in the next hour to discuss guns, guns and guns. >>> the nation's new secretary of state's wasting no time getting down to business. john kerry spent a busy weekend on the phone with palestinian and israeli leader, plus officials in japan, south korea and turkey. all that was before he officially said hello to the state department staff today. >> here's the big question before the country and the world and the state department aft
in order to bring down our deficit. if you combine those things together we cannot only reduce our deficit but we can invest in education and research and development that will help us grow. martha: what do you think about that at home and what does karl rove think about that. former senior adviser to president george w. bush. there was a lot in that sound bite. we know the tax hikes have kicked in, but the president is suggesting that we need more money from the american people essentially. >> we have a spending problem not a revenue problem. revenues this year are anticipated to be above the year they were in fiscal '08. they are going to be over $2.9 trillion over $2 trillion. spending has increased more rapidly than revenues. the tax revenues we got as a result of raising the rates on the top two brackets was eaten up about it congress in one spending bill proposed about it administration, the sandy relief measure. we have a spending problem and it's going to get worse. martha: during the campaign we heard from governor romney about changing the structure of the tax code long term inst
from non-defense programs. the fact check organization says only $1.4 trillion have the deficit reduction was in spending cuts. the rest came from tax hikes. >>> a seven-year-old colorado boy has been suspended from cool for lobbing an imaginary grenade in order to save the planet. he did not threaten anyone but violated the school's list of absolutes which forbids weapons real or pretend. his mother doesn't think it's realistic important second graders but the school district tells the herald newspaper the story is more complicated than being portrayed. >> finally as the associated press puts it, no wonder they are in danger. galapagos for advertises aluminum period around while a pianist played getting them in the mood to mate. they did not appear to be aroused by his romantic style of music but they seemed to perk up for carrots. >> iran's leader rejected one-on-one talks about its nuclear program. tehran has found another way to provoke the obama administration. amy kellogg has more from london. >> iran just released footage it claimed it extracted from a drone captured in 2
. there is basically an aversion to paying taxes, and we have deficits caused by wars, tax cuts, and all of the things that we talked about, and there are more people retiring. we could say that is too bad, they lived to long -- right -- too long -- one i was growing up, my grandmother had no medicare, no social security, and she lived with her daughters. i slept on the couch in the living room because that is how families took care of seniors before 1964. now we have a medicare program, where my father lived to 93, my mother lived to 97, and we did nothing for them except pay for their taxes. one year we gave my mom a christmas gift, a hearing aid which cost about $800. host: medicare does not cover that? guest: medicare does not cover that. good luck, you are on your own is what we say to seniors. my view is we are a better country than that. we can find a way to do that. there is a lot of stuff done in this country where people are getting treatment or examinations that are not making their health better or their life better. we have to look at that and stop doing that kind of stuff. that means wit
a $16 trillion deficit, 51 million people on food stamps. our culture is an entitlement culture and yet we're going after 13 million people who have an immigration problem. hey, i'm all for vetting them. how about reverse discrimination for once in this country. if we're going to demand exceptionalism, we should have it towards the immigrants whether they come legally or illegally and also go back to americans who are u.s. citizens. >> are you talking about expelling americans? >> i'm all for demotion of citizenship. i agree with you. it may be extreme. but here's my point. how many of you. >> keep it short. >> how many of you have a trouble in a third world country and you come back to america and have a different experience about exceptionalism. what about reverse immigration? >> i do not support the deportation of american citizens but if that were to be a policy, what you would do is save hundreds of billions of dollars a year in the welfare state because immigrants are less likely to use welfare each when naturalized and americans who are poor. that's an interesting result of that.
political party demands deficit reduction at all costs because those costs will be enormous. that being an editorial. the economic impact of all of this, when we look at that, when does it really trump political fears that this is a real reality? >> it might never trump political fears. have you noticed politicians being so worried about preserving the economy the last couple years? we could hit, and it's worth saying we have not actually come to one of these cliffs or deadlines where we have gone over. we didn't shut down the government in february 2011, didn't breach the debt ceiling in august 2011, didn't go over the fiscal cliff for very long in january of 2012, and we very likely and at least could kick off the debt ceiling for a couple months so far, so so far we haven't actually gone over any of these, nor have we come to permanent solutions. either we'll have to come to permanent solution or eventually sometime, somewhere, we are going to have to go over one of these cliffs because there won't be another option. >> we will let you go. either you have forced all your colleagues t
the president on debt and deficits. i'd like to know also, i don't think of the fundamental issues confronting this country. but on the gun issue, why wasn't there a single question about the 15-year-old chicago girl, haddia pendleton, who parked in the parade in the inauguration and was gunned down, the 42nd victim of gun violence in chicago in january. that might be relevant to the issue of how do you stop trafficking of illegal weapon, and relevant to the actual policy debates under way in this country. >> richard, why does inside the beltway media have a propensity to focus on things that people don't care about? >> look, i've been part of that press corps. i was there in the time in the run-up to the war in iraq. but as a pack, as a pack mentality, this is a game. look, the war in iraq was serious. don't get me wrong. but we're talking about kids in america who were killed and how to respond to that. and so, you know, the disjoint between this photo, what the president does in his leisure time, whether it's real or not, how often he does it, and the cold, hard facts of american children b
this regarding eric cantor, who is giving a much-hyped speech regarding the deficit and towards a broader and more inclusive role they can play. he says mr. cantor can apply the existing gop policies. so that, i think at this point in time is a great question for the republican party at least right now. can their response to the 2012 election be to just change the tenor and temperature of their approach to politics rather than the actually policies. can they just stop primarying guys like dick luger without changing the approach to say, inequality. that is the message, changing your hope is different than changing your policies. it is great to have you both here, thank you for joining us. >> great to be here. >> molly, so can they? do they need to do more, need to sort of go back and look at policies or can you actually get pretty far just by changing the way your party acts in public? >> i think the answer is yes. they have to do both. and first of all the republicans find themselves in a situation that the democrats found themselves in maybe a decade ago, where they are on the wrong sid
.c. can congress come up with a deficit reduction package that serves all masters? we go inside the numbers. >>> then in illinois, that could be the next state to approve marriage equality. a plan on the books for a valentine's day quote but is the land of lincoln really on board? . [ whistles ] three words dad, e-trade financial consultants. they'll hook you up with a solid plan. wa-- wa-- wait a minute; bobby? bobby! what are you doing man? i'm speed dating! [ male announcer ] get investing advice for your family at e-trade. [ bop ] [ bop ] [ bop ] you can do that all you want, i don't like v8 juice. [ male announcer ] how about v8 v-fusion. a full serving of vegetables, a full serving of fruit. but what you taste is the fruit. so even you... could've had a v8. i worked a patrol unit for 17 years in the city of baltimore. when i first started experiencing the pain, it's hard to describe because you have a numbness but yet you have the pain like thousands of needles sticking in your foot. it was progressively getting worse, and at that point, i knew i had to do something. when
Search Results 0 to 49 of about 56 (some duplicates have been removed)